PROFIT AND LOSS REPORT FIRST HALF YEAR 2017 JANUARY - JUNE

PROFIT AND LOSS REPORT FIRST HALF YEAR 2017 JANUARY - JUNE

PROFIT INFORME AND DE LOSS RESULTADOS REPORT January Enero Junio June 2017 Table of Contents Executive Summary Key Figures Consolidated Income Statement Consolidated Balance Sheet Stock Exchange Information Important Events in the Reporting Period About Audax Renovables Companies of the Group Legal Disclaimer 1

Executive Summary Audax Renovables ended the first half year 2017 with a profit of EUR 2,024 thousand, in contrast to the loss of EUR 6,800 thousand for the same period of the previous year. This difference between the two results of the first six months of the year is owed primarily to the following factors: Higher sale price of the energy on the Spanish market (pool), which corresponds to the increase of EUR 3,148 thousand during the period. Special remuneration received by the Spanish wind farms during the 2017 to 2019 regulatory term are higher than in the previous period by EUR 889 thousand due to the update of the parameters published in the decree ETU/130/2017. Reduction in expenses and cost containment which have been implemented bring a substantial decrease in the operating costs. At the close of June 2016 a provision was recorded for expenses related to the takeover bid by Audax Energía, S.A. amounting to EUR 1,067 thousand. During the previous period an impairment provision related to the wind farm in Poland was registered amounting to EUR 3,409 thousand due to regulatory amendments approved in that country. Thus, a rise in market price of the energy in the first half year together with an increased production of the wind farms boost the income by 31% which, combined with the decrease in operating expenses, make the EBITDA increase by 82% after the effect of the hedge contracts for prices has been taken into account. Furthermore, on 30 January 2017, Audax Renovables renewed the corporate financing agreement for the amount of EUR 4.6 million, by extending the maturity date till 31 January 2018. On 29 June 2017 the General Meeting of Shareholders decided, among others, to change the name of the Company to Audax Renovables, S.A.. Furthermore, it was decided to appoint KPMG Auditores, S.L. as the auditor of accounts of the Company for the period of three (3) years. Audax Renovables in figures Consolidated income statement 1S2017 1S2016 Var. (%) Operating income 17,706 13,522 31 Operating expenses -5,906-7,029-16 EBITDA 11,800 6,493 82 EBIT 6,070-2,529 n.a. Financial profit / loss -3,805-4,777-20 Profit/loss attributable to the Parent Company 2,024-6,800 n.a. Net profit/loss attributable to the Parent Company 2,024-6,800 n.a. EUR thousands Audax Renovables ended the first half year 2017 with a profit of EUR 2,024 thousand. 2

Key Figures As at June 2017, the production breakdown by country is as follows: GWh Production 1H2017 % 1H2016 % % Var. Spain 161.8 74% 146.6 74% 10% France 16.5 8% 14.6 8% 14% Poland 39.3 18% 36.7 18% 7% Total 217.6 100% 197.9 100% 10% As at June 2017, the turnover breakdown by country is as follows: Turnover (k ) 1H2017 % 1H2016 % % Var. Spain 14.4 81% 10.2 77% 40% France 1.5 9% 1.3 10% 14% Poland 1.7 10% 1.8 13% -5% Total 17.6 100% 13.3 100% 32% In Spain, the increase in production by 10% in 2017 compared to the previous year is mainly due to larger wind resources in wind farms in the South of Spain and also to an improved use of these resources by enhancing the performance of the plants which, together with a higher market price, have contributed to the increase of the turnover by 40%. At an international level, similarly, the well performing wind farm in France has registered an increase in production by 14% compared to the same period of the previous year, with equal change in its turnover. The production of the wind farm in Poland has been 7% higher, however a lower price of the green certificates has been the reason for a diminished turnover than in the first half of 2016. 3

Key Figures As at June 2017, the installed capacity breakdown by country is as follows: Installed capacity (MW) 1H2017 % 1H2016 % Spain 139 75% 139 75% France 12 7% 12 7% Poland 34 18% 34 18% Total 185 100% 185 100% The Audax Renovables portfolio breakdown by country as at June 2017 is as follows: MW Operating Under development Total portfolio % Spain 139 50 189 51% France 12 0 12 3% Poland 34 34 68 19% Panama * 0 99 99 27% TOTAL 185 183 368 100% * Attributable capacity (30% of 330 MW) Hinojal Postolin 4

Consolidated Income Statement Consolidated Profit and Loss 1H2017 1H2016 Var. (%) Net turnover 17,568 13,345 32 Other income 138 177-22 Operating income 17,706 13,522 31 Operating expenses -5,906-7,029-16 EBITDA 11,800 6,493 82 Amortisation, depreciation and impairment -5,793-6,424-10 Impairment of assets 0 658 Impairment and profit/loss from disposal of fixed assets 63-3,256 n.a. EBIT 6,070-2,529 n.a. Financial income 61 15 n.a. Financial expenses -4,018-4,819-17 Exchange differences 152 27 n.a. Financial profit/loss -3,805-4,777-20 Share in the profit/loss of associated companies -50-38 32 Profit/loss before tax 2,215-7,344 n.a. Corporate Income Tax -69 386 n.a. Consolidated profit/loss for the year 2,146-6,958 n.a. Profit/loss attributed to minority interests -122 158 n.a. Net profit/loss attributed to the Parent Company 2,024-6,800 n.a. EUR thousands Analysis of the Results The net turnover, including the effect of the price hedging contracts, has amounted to EUR 17,568 thousand, which implies an increase of 32% compared to the same period of 2016 (EUR 13,345 thousand), primarily due to higher prices on the energy market (pool) in Spain in the first half year and to the increase in production as well as higher special remunerations during the new regulatory term. Operating expenses, without taking into consideration the effect of the increase of the 7% tax on generation of electricity and other accounts affected by a higher turnover, are 16% lower due to the Company s cost containment policy. Moreover, in the previous year a provision was made for the costs related to the takeover bid by Audax Energía S.A.. In June 2016, as a consequence of new regulations in Poland, the impairment tests were updated and a provision of EUR 3,408 thousand was recorded. Financial expenditure has decreased by 17% compared to the same period of the previous year, owing, among others, to a reduction in financial burden from the project finance. Audax Renovables ends the first half year 2017 with a Net Profit Attributable to the Parent Company amounting to EUR 2,024 thousand, against loss of EUR 6,800 thousand for the same period of the previous year. 5

Consolidated Balance Sheet ASSETS Jun-17 Dec-16 Var. var. (%) Property, plant and equipment 169,180 172,478-3,298-1.9 Goodwill 1,494 1,494 0 n.a. Other intangible assets 31,669 32,673-1,004-3.1 Non-current financial assets 5,767 5,704 63 1.1 Investments as per equity accounting 7,154 7,442-288 -3.9 Deferred tax assets 5,379 5,847-468 -8.0 Non-current assets 220,643 225,638-4,995-2.2 Trade and other receivables 5,900 5,892 8 0.1 Other current financial assets 3,801 3,636 165 4.5 Other current assets 409 115 294 n.a. Cash and cash equivalents 13,819 15,668-1,849-11.8 Current assets 23,929 25,311-1,382-5.5 Total Assets 244,572 250,949-6,377-2.5 LIABILITIES AND NET EQUITY Jun-17 Dec-16 Var. var. (%) Capital 98,003 98,003 0 n.a. Other reserves -11,132 20,476-31,608 n.a. Profit/loss for the year 2,024-31,608 33,632 n.a. Translation differences -6,152-6,099-53 0.9 Hedging -8,736-10,115 1,379-13.6 Minority interests 579 502 77 15.3 Net Equity 74,586 71,159 3,427 4.8 Bank loans 112,856 117,870-5,014-4.3 Other non-current liabilities 32,135 34,213-2,078-6.1 Non-current liabilities 144,991 152,083-7,092-4.7 Bank loans 18,317 18,554-237 -1.3 Trade and other payables 4,805 8,001-3,196-39.9 Other current financial liabilities 1,260 488 772 n.a. Other current liabilities 613 664-51 -7.7 Current liabilities 24,995 27,707-2,712-9.8 Total Liabilities 244,572 250,949-6,377-2.5 EUR thousands The consolidated balance sheet for the first half year 2017 shows a decrease in the Bank loans and Cash and cash equivalents accounts, mainly due to the repayments of the project finance loans related to the operating projects during the period. 6

Consolidated Balance Sheet Net Financial Debt As at 30 June 2017 the net financial debt amounts to EUR 126 million and corresponds almost entirely to financing of investments in property, plant and equipment of the wind farms ("Project Finance" modality), with a maturity period between 12 and 15 years. The principal of the bank loans of Audax Renovables (corporate debt) as at 30 June 2017 amounts to EUR 4.6 million. This debt implies a financial leverage of 62.8% as shown in the table below. Net Financial Debt Jun-17 Dec-16 Var. % Bank loans 131,173 136,424-5,251-3.8% Other liabilities (derivatives) 12,583 14,604-2,021-13.8% Cash and other current financial assets -17,620-19,304 1,684-8.7% Net Financial Debt 126,136 131,724-5,588-4.2% Leverage* 62.8% 64.9% EUR thousands * Leverage = Net Financial Debt / (Net Financial Debt + Net Equity) Gestora Fotovoltaica 7

(miles de títulos) cotización (EUR) INFORME PROFIT AND DE LOSS RESULTADOS REPORT January Enero Junio June 2017 Stock Exchange Information Stock Exchange Data 1H2017 Units Number of shares admitted to trading 140,003,778 Shares Share price at the beginning of the period (2 Jan. 2017) 0.505 per share Share price at the end of the period (30 Jun. 2017) 0.565 per share Maximum trading price 0.670 per share Minimum trading price 0.500 per share Trading price fluctuation during the period 11.88 % Capitalisation at the end of the period 79,102,135 Number of traded shares (from 2 Jan. to 30 Jun.) 66,187,147 shares Effective volume (from 2 Jan. to 30 Jun.) 39,662,748 Daily volume of traded shares (average) 529,497 shares Effective daily volume (average) 317,302 5.000 0,80 4.500 4.000 3.500 3.000 0,70 0,60 0,50 2.500 0,40 2.000 1.500 1.000 500 0,30 0,20 0,10 0 0,00 Audax Energía, S.A. owns 70.86% of the shares of Audax Renovables, S.A. after the acquisition completed in August 2016 at the price of EUR 0.50 per share. 8

Significant Events within the Period Significant Events: the Company Date Registration Number Item 30/01/2017 247635 The Company announces the conclusion of a modificatory and non-extinctive novation of the Financing Agreement signed on 31 January 2012. The Novation fundamentally consists in extending the maturity date of said agreement till 31 January 2018 for the overdue amount of EUR 4.6 million. 26/05/2017 252549 Press release of a call to General Meeting of Shareholders and disclosure of the pertinent documents to the shareholders. 29/06/2017 254063 The Company submits the resolutions passed at the General Meeting of Shareholders held on 29 June 2017, in particular the following: The decision is made to change the name of the Company to Audax Renovables, S.A. In accordance with the provisions of article 264.1 of the Companies Act it is decided to appoint KPMG Auditores, S.L. as the auditor of accounts of the Company for the period of three (3) years. Significant Events: Economic Reports Date Registration Number Item 21/02/2017 248338 The Company submits the information on the profit and loss for the second half year 2016. 21/02/2017 248339 The Company issues the Press Release on profit and loss for the year 2016. 21/02/2017 248340 The Company submits the Consolidated Profit and Loss Statement for the second half year 2016. 21/02/2017 248342 The Company submits the Annual Corporate Governance Report for the year 2016. 23/02/2017 248486 The Company submits the Annual Report on directors' remuneration for the year 2016. 09/05/2017 251812 The Company submits the interim financial information for the first half year 2017. 09/05/2017 251813 The Company issues the Press Release on profit and loss for the first half year 2017. Mudéfer 9

About Audax Renovables Audax Renovables, S.A. (formerly Fersa Energías Renovables, S.A) was incorporated in the year 2000 and is mainly involved in generating electricity from 100% renewable sources. In 2003 the shares of Audax Renovables were admitted to trading on the secondary market of the Barcelona Stock Exchange and in 2007 they were included in the SIBE (integrated stock exchange system) of the Madrid Stock Exchange. Now the shares are traded on the Spanish continuous market as FRS.MC. On 19 May 2016 Audax Energía, S.A. made a bid to purchase 100% of shares of Audax Renovables. The offer was accepted by the shareholders representing 70.86% of the Audax Renovables' share capital and consequently Audax Energía, S.A. became the majority shareholder on 12 August 2016. Today Audax Renovables handles a portfolio of operating plants of 185 MW in Spain, France and Poland, of which 1 MW corresponds to solar energy and the rest to wind farms. Audax Renovables owns a portfolio of operating assets of high technological quality and an average age of 9 years. For more information, please visit www.audaxrenovables.com Pedregoso 10

Companies of the Group Company Holding direct + indirect Eólica El Pedregoso, S.L 80% Eólica Del Pino, S.L 80% Parc Eòlic Mudefer, S.L. 100% Parque Eólico Hinojal, S.L 100% Gestora Fotovoltaica de Castellón, S.L. (and subsidiaries) 76% Fercom Eólica, S.L. 100% Fersa Asesoramiento y Gestión, S.L. 100% Parc Eòlic Coll De Som, S.L. 100% Explotación Eólica La Pedrera S.L. 100% Castellwind 03 S.L 60% Entreyeltes 1, S.L. 51% Berta Energies Renovables, S.L. 26% Ferrolterra Renovables, S.L. 37% Fersa-Aventalia, S.L. 80% Eoliennes de Beausemblant, SAS 80% Eólica Postolin Sp. z o.o. 100% Eólica Warblewo Sp. z o.o. 65% Eólica Cieplowody Sp. z o.o. 100% Parque Eólico Toabré, S.A. (formerly Fersa Panamá, S.A.) 30% A.I.E. Subestación y Línea 2004 30% Aprofitament d'energies Renovables de la Terra Alta, S.A. 16% Aprofitament d'energies Renovables de L'Ebre S.L. 15% Postolin 11

Legal Disclaimer: This presentation has been drawn up by AUDAX RENOVABLES, S.A. ( AUDAX RENOVABLES o the "Company") for the purpose of issuing this Profit and Loss Report. This document is not a brochure nor is it an offer to purchase, sell or subscribe or a request for an offer to purchase, sell or subscribe to the AUDAX RENOVABLES' shares. This presentation must not be indirectly or directly published, announced, publicly communicated or distributed in the United States of America, Canada, Japan or Australia, or any other jurisdiction where distribution of this information is legally restricted. Any statements included in this presentation that does not reflect historic information, including, inter alia, statements about the Company's financial situation, commercial strategy, management or business plans, targets or future transactions and clients, are future estimates. These future estimates imply and involve risks, uncertainties and other known or unknown factors that could mean that the results, business evolution or profits and losses of the Company or of the sector may be significantly different to those specified in or obtained from such future estimates. These future estimates are based on numerous presumptions about the present and future commercial strategy of the Company and the business environment in which the Company expects to operate in the future. The future estimates are only related to the date of this presentation and the Company expressly states that it does not accept any obligation or commitment to update or keep up to date the information included in this document nor to make any changes to the expectations or events, conditions or circumstances on which the future estimates are based. The market information used in this presentation which is not stated to have been obtained from a specific source, is an estimate made by the Company and has not been independently verified. Certain financial and statistical information included in this document has been subject to adjustments by rounding. Therefore, any discrepancy between the total amounts and the sum to which such amounts or total value refer is due to such rounding. Some of the financial management figures included in this document have not been audited. In addition, some figures contained in this document are proforma figures that have not been audited either. Pedregoso 12

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